The total number of Big Island residential sales dropped almost 8% this November vs. November '09, but the Year-to-Date sales are actually up nearly 22%. The only areas that report gains for November are North Kohala and South Kona, up 200%, and Kau, which was up 150%. Median Sale prices dropped in most areas of the island and buyers are taking notice. Many visitors are on the Big Island shopping now for their retirement homes and locking in lower prices. Many of the foreclosure listings that were pulled from the market, so the Banks could double check they processed the foreclosures correctly, are starting to return to the active listing market. I expect an increase for the next two months on available inventory as Banks re-release inventory and perhaps we'll further price reductions as Banks compete to sell off the Bank owned property.
| Big Island home Sales November 2009 vs. 2010 | |||||
| Homes Sold | |||||
| Neighborhood | 2009 | 2010 | Median Sale Prices | ||
| North Kohala | 2 | 6 | $ 389,500 | $ 289,000 | |
| Kohala Coast | 18 | 17 | $ 274,000 | $ 285,300 | |
| Kailua – Kona | 35 | 30 | $ 420,000 | $ 404,000 | |
| South Kona | 1 | 3 | $ 402,000 | $ 210,000 | |
| Kau | 4 | 10 | $ 183,500 | $ 160,000 | |
| Hamakua Coast | 3 | 1 | $ 294,000 | $ 255,000 | |
| North Hilo | 3 | 0 | $ 450,000 | $ 0 | |
| Hilo | 14 | 14 | $ 290,000 | $ 305,000 | |
| Puna | 36 | 26 | $ 190,700 | $ 138,868 | |
| Big Island of Hawaii | 116 | 107 | $ 285,000 | $ 255,500 | |
Big Island Condo sales for of November '10 slightly better than Nov '09 with 2 more transactions, for a total of 28. Kailua-Kona and the Kohala Coast showed increases of 21% and 29% respectively. And, the Median condo prices reported an increase in both area, Kona up 36% and Kohala Coast up 6%. We're seeing interest from investors and especially from the Canadian buyers, since the dollar exchange rate is favorable to Canadians
| Big Island Condo Sales November 2009 vs. 2010 | |||||
| Condos Sold | |||||
| Neighborhood | 2009 | 2010 | Median Sale Prices | ||
| North Kohala | 0 | 0 | $ 0 | $ 0 | |
| Kohala Coast | 7 | 9 | $ 442,000 | $ 470,000 | |
| Kailua – Kona | 14 | 17 | $ 208,000 | $ 282,000 | |
| South Kona | 0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 0 | $ 0 | $ 0 | |
| Hamakua Coast | 0 | 0 | $ 0 | $ 0 | |
| North Hilo | 0 | 0 | $ 0 | $ 0 | |
| Hilo | 5 | 2 | $ 122,000 | $ 14,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 26 | 28 | $ 265,000 | $ 295,000 | |
Current Market Conditions as of December 8, 2010... There are 494 Single Family Homes on the market for the Kona/Kohala Coast, which is an increase from last month's 480 active listings. There are 159 homes in escrow, which is 5 more than last month's 154 and 47 homes sold vs. 46 last month. At the current buying rate, we have a 10.5 month supply of homes, which is a little more than last month's 10.4 month supply.
Of the 494 Single Family Homes on the market, 35 are Foreclosure Listings and 45 are Short Sale Listings.
For Kona Coast Condos, there are currently 488 on the market for sale, which is more than last month's 481. There are 123 in escrow, which is up from 113 last month and 26 sales, down from 28 sales last month. We have a 18.8 month supply of inventory, which is an increase from last month's 17 month supply.
Information on sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.